Straighten me out please!

[Account Closed]

I love data, I really, really love my data. Wow, there is a lot of information here. I'm just getting started but seriously, every minute of this process I have to forgive myself for not starting sooner, what an IDIOT I was.

I'm 44, and have been a Regional Commercial Facilities and Property Manager for almost 10 years. I also have my real estate license.

Wife, yes mine, takes her CPA exam next summer upon completion of her Bachelors.

CPA, PM and Realtor, yeah, this is what got it started for us. Credit scores are 700 and 770, and we have about 15K in savings, ZERO debt minus our house (Thank you Mr. Ramsey), and about 50K in retirement (Roth IRAs, 401K and 403b) that we just started last year.

I've built, copied, modified all of the CAP spreadsheets and Cash Flow calculators. We're looking at 15-20 properties in 7-15 years, which will be just an insane amount of cashflow. I know how to track/forecast predict end of life on capital items like roofs, driveways, HVAC, appliances, etc. The money at the end, even with 5%-9% Cash on Cash ROI, is spectacular from my perspective.

Getting that ball rolling is the key...

So Property 1 (here is where I ask my questions)...

Buy a Foreclosed or Dramatically Reduced (Not in this market) Property

• If we can pay cash at this point, we should, I get that bit, but CAN this be financed through a bank? I assume that's where the hold time for a cash out REFI would come in, yes?
• If we pay cash, I assume there's no wait on a REFI?

RENO

• This part I get, flooring, paint, landscaping, updating bathrooms, kitchens, etc. I get it, minimal spend for maximum appraisal.
• Should I be working with my own appraiser to target exactly what we should do to increase the value. (You know, sometimes you just gotta type that stuff out loud to make it click. Sorry, disregard.)

RENT

• This would need a long term lease, at least a year or will shorter ones work?

REFI

• My plan falls apart here. I know NO ONE in lending! None. The guy who did my home loan I wanted to throw out of a window. So much so that my kid dropped her have eaten sucker in the back seat of his SUV and I didn't say a word. I'm also not sorry!
• Do you start with banks? Is there a pay service to find the right lenders? Credit Unions? Like I said, this is the area where I get lost.

REPEAT

• Do most of you break even at this point, or is there some cash profit aside from equity. I'm looking to hold these properties for the foreseeable future.
• If profit in cash, is that rolled in total into the next BRRRR or do you eventually split and do two at the same time, or perhaps do one and then grab a second say 60 days in, etc.

I apologize if this is all over the place.